Bill Text: IA SF175 | 2021-2022 | 89th General Assembly | Introduced
Bill Title: A bill for an act relating to the use of moneys in the Iowa economic emergency fund, and including effective date provisions.(See SF 584.)
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-22 - Committee report approving bill, renumbered as SF 584. S.J. 665. [SF175 Detail]
Download: Iowa-2021-SF175-Introduced.html
Senate
File
175
-
Introduced
SENATE
FILE
175
BY
GARRETT
A
BILL
FOR
An
Act
relating
to
the
use
of
moneys
in
the
Iowa
economic
1
emergency
fund,
and
including
effective
date
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
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175
Section
1.
Section
8.55,
subsection
2,
unnumbered
paragraph
1
1,
Code
2021,
is
amended
to
read
as
follows:
2
The
maximum
balance
of
the
fund
is
the
amount
equal
to
two
3
and
one-half
percent
of
the
adjusted
revenue
estimate
for
the
4
fiscal
year.
If
the
amount
of
moneys
in
the
Iowa
economic
5
emergency
fund
is
equal
to
exceeds
the
maximum
balance,
moneys
6
in
excess
of
this
amount
shall
be
distributed
as
follows:
7
Sec.
2.
Section
8.55,
subsection
3,
paragraph
b,
Code
2021,
8
is
amended
to
read
as
follows:
9
b.
Moneys
in
the
fund
may
be
used
for
cash
flow
purposes
10
during
a
fiscal
year
upon
executive
order
by
the
governor,
11
provided
that
any
moneys
so
allocated
are
returned
to
the
fund
12
by
the
end
of
that
fiscal
year.
13
Sec.
3.
Section
8.55,
subsection
3,
paragraph
c,
Code
2021,
14
is
amended
by
striking
the
paragraph
and
inserting
in
lieu
15
thereof
the
following:
16
c.
Moneys
in
the
fund
may
be
used
to
prevent
or
reduce
an
17
overdraft
on
or
deficit
in
the
general
fund
of
the
state,
upon
18
executive
order
by
the
governor,
in
an
amount
not
to
exceed
one
19
percent
of
the
adjusted
revenue
estimate
for
the
fiscal
year
20
for
which
the
moneys
are
spent.
Moneys
in
the
fund
shall
not
21
be
used
for
this
purpose
until
the
governor
issues
an
official
22
proclamation
and
notifies
the
legislative
fiscal
committee
and
23
the
legislative
services
agency
that
the
balance
of
the
general
24
fund
is
negative
and
that
an
appropriation
made
pursuant
to
25
this
paragraph
brings
the
general
fund
into
balance
or
reduces
26
the
deficit
in
the
general
fund.
27
Sec.
4.
Section
8.55,
subsection
3,
paragraph
e,
Code
2021,
28
is
amended
to
read
as
follows:
29
e.
If
an
appropriation
is
made
moneys
are
spent
pursuant
to
30
paragraph
“c”
for
a
fiscal
year,
there
is
appropriated
from
the
31
general
fund
of
the
state
to
the
Iowa
economic
emergency
fund
32
for
the
following
fiscal
year,
the
amount
of
the
appropriation
33
made
spent
pursuant
to
paragraph
“c”
,
that
has
not
already
been
34
returned
to
the
Iowa
economic
emergency
fund
.
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Sec.
5.
EFFECTIVE
DATE.
This
Act,
being
deemed
of
immediate
1
importance,
takes
effect
upon
enactment.
2
EXPLANATION
3
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
4
the
explanation’s
substance
by
the
members
of
the
general
assembly.
5
This
bill
relates
to
the
use
of
moneys
in
the
Iowa
economic
6
emergency
fund.
7
Currently,
moneys
in
the
Iowa
economic
emergency
fund
may
8
be
used
for
cash
flow
purposes,
provided
that
any
moneys
so
9
allocated
are
returned
to
the
fund
by
the
end
of
that
fiscal
10
year.
The
bill
requires
an
executive
order
by
the
governor
in
11
order
to
use
the
moneys
in
the
fund
for
cash
flow
purposes.
12
Currently,
an
appropriation
from
the
Iowa
economic
emergency
13
fund
to
the
general
fund
is
authorized
for
purposes
of
reducing
14
or
preventing
an
overdraft
on
or
deficit
in
the
general
fund.
15
The
amount
of
the
appropriation
is
the
amount
used
from
the
16
Iowa
economic
emergency
fund
for
cash
flow
purposes
and
that
17
was
not
returned
to
the
fund
by
the
end
of
the
fiscal
year,
18
not
to
exceed
1
percent
of
the
adjusted
revenue
estimate
for
19
the
fiscal
year
for
which
the
appropriation
is
made.
There
20
are
two
conditions
that
must
be
met
before
the
appropriation
21
can
be
made.
First,
prior
to
the
appropriation,
the
balance
22
of
the
general
fund
at
the
end
of
the
fiscal
year
for
which
the
23
appropriation
is
made
is
negative.
Second,
the
governor
issues
24
an
official
proclamation
and
notifies
the
legislative
fiscal
25
committee
and
the
legislative
services
agency
that
the
balance
26
of
the
general
fund
is
negative
and
that
the
appropriation
made
27
brings
the
general
fund
into
balance.
28
The
bill
provides
instead
that
moneys
in
the
Iowa
economic
29
emergency
fund
may
be
used
to
prevent
or
reduce
an
overdraft
30
on
or
deficit
in
the
general
fund,
upon
executive
order
by
the
31
governor,
in
an
amount
not
to
exceed
1
percent
of
the
adjusted
32
revenue
estimate
for
the
fiscal
year
for
which
the
moneys
33
are
spent.
The
bill
prohibits
moneys
in
the
fund
from
being
34
used
for
this
purpose
until
the
governor
issues
an
official
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175
proclamation
and
notifies
the
legislative
fiscal
committee
and
1
the
legislative
services
agency
that
the
balance
of
the
general
2
fund
is
negative
and
that
an
appropriation
from
the
Iowa
3
economic
emergency
fund
brings
the
general
fund
into
balance
or
4
reduces
the
deficit
in
the
general
fund.
5
The
bill
takes
effect
upon
enactment.
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